Monday, June 28, 2010

Forex day trading news EURUSD, USDJPY

Forex day trading news EURUSD, USDJPY Earlier in the morning we had the MoM retail trade figure from Japan which was weaker at -2.0% versus an expected 0.1%. Large retailers' sales were also significantly weaker at -4.0% versus an expected -2.9%. With a very light economic calender for the day, investors focus will be towards the Euro-Zone M3 reading due after European equity markets open followed by Personal income and personal spending from the US. Asian markets opened this morning in the red as the recently concluded G20 meetings fell well short of investors' expectation that the global economic recovery was gaining momentum. The weakness in investor sentiment was more reflective in the Asian equity sector, with the Nikkei down half a percent at 9689.68 and the Shanghai composite down 0.53 percent at 2538.84 at the time of writing. Some highlights from the recently concluded meetings included initiatives for banks to have higher capital requirements as leaders pressed for banks to increase their respective common equity as a percentage of their Tier 1 capital to allow a cushion in case of another shock. Although plans were in place to maintain existing stimulus measures, the recovery was still termed 'uneven and fragile.' Perhaps the markets expected more from the recently concluded meetings, but the lack of inspiration was reflective in the currency markets which were largely flat at the time of writing; USDJPY was marginally higher at 89.41 and AUDUSD was trading at 0.8753.

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